Carlsmed (CARL) Research & Development (2024 - 2026)
Carlsmed (CARL) posted Research & Development of $5.2 million for Q1 2026, up 270.72% on a QoQ basis from -$3.0 million in Q4 2025, and up 249.86% year-over-year from $1.5 million in Q1 2025.
Carlsmed (CARL) Research & Development (2024 - 2026) Analysis & Trends
Carlsmed's Research & Development history runs 3 years deep, the most recent figure standing at $5.2 million for Q1 2026.
- Quarterly Research & Development rose 249.86% year-over-year to $5.2 million in Q1 2026, while the trailing twelve-month figure through Mar 2026 was $8.8 million (down 55.52% YoY) and the FY2025 annual result came in at $8.7 million, down 59.38% from the prior year.
- Research & Development was $5.2 million for Q1 2026 at Carlsmed, up from -$3.0 million in the prior quarter.
- Across five years, Research & Development topped out at $10.2 million in Q4 2024 and bottomed at -$3.0 million in Q4 2025.
- A 3-year average of $3.6 million and a median of $4.0 million in 2024 frame the typical range for Research & Development.
- Annual changes were most pronounced in 2025 — Research & Development slumped 129.78% — and 2026, when it jumped 249.86%.
- Carlsmed's Research & Development stood at $10.2 million in 2024, then slumped by 129.78% to -$3.0 million in 2025, then surged by 270.72% to $5.2 million in 2026.
- Business Quant data shows CARL's Research & Development at $5.2 million in Q1 2026, -$3.0 million in Q4 2025, and $4.4 million in Q3 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | R&D (Qtr) |
|---|---|---|---|---|---|
| 1 | Veeva Systems | 29.34 Bn | 22.03 Bn | 662.02 Mn | 208.32 Mn |
| 2 | BrightSpring Health Services | 13.49 Bn | 12.59 Bn | 482.22 Mn | - |
| 3 | Healthequity | 7.96 Bn | 7.70 Bn | 256.31 Mn | 26.83 Mn |
| 4 | 10x Genomics | 6.17 Bn | 5.63 Bn | 106.18 Mn | 56.85 Mn |
| 5 | Hinge Health | 6.02 Bn | 5.70 Bn | 154.23 Mn | 30.34 Mn |
| 6 | MiniMed | 4.19 Bn | 3.89 Bn | 480.00 Mn | 99.00 Mn |
| 7 | Waystar Holding | 4.14 Bn | 4.07 Bn | 216.84 Mn | 45.83 Mn |
| 8 | Doximity | 3.82 Bn | 3.08 Bn | 125.97 Mn | 39.11 Mn |
| 9 | Privia Health | 3.10 Bn | 2.73 Bn | - | 8.13 Mn |
| 10 | Carlsmed | 295.19 Mn | 222.08 Mn | 12.43 Mn | 5.18 Mn |
Historic Data
Download Data| Date | Value |
|---|---|
| Mar 31, 2026 | 5.18 Mn |
| Dec 31, 2025 | -3.03 Mn |
| Sep 30, 2025 | 4.45 Mn |
| Jun 30, 2025 | 2.17 Mn |
| Mar 31, 2025 | 1.48 Mn |
| Dec 31, 2024 | 10.18 Mn |
| Sep 30, 2024 | 4.04 Mn |
| Jun 30, 2024 | 4.00 Mn |